Beige book bullish commercial real-estate

The Beige Book came our yesterday and revealed some interesting findings. It summary states, “Many Districts, including New York, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, and San Francisco, indicated that commercial real estate activity had increased and that conditions continued to improve since the previous report.'

Over the next four years, U.S commercial real estate is going to be a top performing asset. It will overtake equities in out-sized gains late this year or early next year. There is little that can be found today that will not appreciate significantly over the next four years as hard assets are sought over intangibles.